Ask Reggi Your Question Now
Can you summarize NHRS 382-A:4A-501?
UNIFORM COMMERCIAL CODE > Variation by Agreement and Effect of Funds-Transfer System Rule.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the rights and obligations of parties involved in a funds transfer. It allows for the variation of these rights and obligations through agreement. The document also defines ‘funds-transfer system rule’ as a rule of an association of banks that governs the transmission of payment orders or the rights and obligations between banks involved in a funds transfer. These rules may be effective even if they conflict with this Article and indirectly affect another party who does not consent to the rule. The document also specifies that funds-transfer system rules may govern the rights and obligations of parties other than participating banks to the extent stated in specific sections. No exemptions or penalties are mentioned in this document.
Whom does it apply to?
Parties involved in a funds transfer, associations of banks, participating banks using a funds-transfer system
What does it govern?
Rights and obligations of a party to a funds transfer, funds-transfer system rules
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire